According to the FAQs here: http://www.cbp.gov/travel/trusted-tr...ked-questions2

Q: What is the U.S. APEC Business Travel Card Program?

A: The U.S. APEC Business Travel Card Program is a voluntary program to facilitate travel for U.S. citizens engaged in verified business in the APEC region and U.S. government officials engaged in APEC business. Participants must also be members of a CBP trusted traveler program. The U.S. APEC Business Travel Card will enable access to fast-track immigration lanes at airports in foreign APEC member economies. [No mention of visa, just fast track].

Q: Can the U.S. APEC Business Travel Card be used in lieu of a visa in a foreign APEC member economy?

A: No. Foreign APEC member economies will not recognize the U.S. APEC Business Travel Card in lieu of a visa. Card holders must present any travel or identity documentation, such as a passport and visa (where applicable), required by the foreign APEC member economy. If a U.S. APEC Business Travel Card holder does not conform to the foreign economy’s visa, passport or entry requirements, the card holder may be directed to a non-expedited lane or refused entry. Check the entry requirements of the destination APEC member economy before travel. [If you are a normal, non transitional APEC card holder, then your APEC card is your visa into countries endorsed at the back of your APEC card].